Terra founder Do Kwon was found guilty in a U.S. civil fraud case

2024-04-06 08:58:54

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ChainCatcher news, according to Reuters, Terraform Labs and its founder Do Kwon have been found guilty by a jury in a civil fraud case in the U.S. District Court for the Southern District of New York. The U.S. Securities and Exchange Commission (SEC) accused them of misleading investors before the collapse of the stablecoin in 2022 that shocked the cryptocurrency market. The SEC stated that they made misleading statements to investors regarding the stability of TerraUSD in 2021 and falsely claimed that Terraform's blockchain was being used in a popular mobile payment application in South Korea. The judge will consider penalties in the coming weeks. A Terraform spokesperson expressed disappointment with the verdict and stated that the SEC did not have the authority to bring this case.

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